The Flagship Enterprise Center Microloan Program is now closing 82% of all microloans in the state of Indiana according to data released by the Small Business Administration (SBA). With a total loan amount nearing $1.5 million for 2015, 94% of all SBA microlending dollars in Indiana are loaned through The Flagship.
Up from 2014 when the Anderson based microlender closed 79% of the loans and 85% of the dollars, The Flagship Loan Program continues to grow at a record pace.
The Microloan program provides loans up to $50,000 to help small businesses and certain non-profit childcare centers start up and expand. The U. S. Small Business Administration provides funds to specially designated intermediary lenders, which are non-profit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.
About Flagship Enterprise Center
The Flagship Enterprise Center (FEC) (www.flagshipenterprise.org) is a regional technology-based business incubator and SBA micro-lender in Anderson, Indiana. The Flagship Microloan Program was established in 2010 to assist FEC clients and partners with small businesses to provide financial services and resources that foster economic development in underserved communities. Created through a partnership between the city of Anderson and Anderson University, the FEC lending programs have helped create over 200 loans and provide small business loans totaling more than $3.5 million. To apply for a microloan, potential borrowers may contact a loan officer at (765) 356-9100 or loans@bankable.org.